Once you’ve decided that it’s time to sell your commercial property, this means it’s also time for you to snap into action. You ideally want to get moving on the action items that will make this entire process easier for you, and help to ensure that you’ll sell your property for the highest price.
The first thing you need to do is do your research and determine what your property will really sell for in today’s market. Then once you’ve done this and you know what your property’s real value is, it’s time for you to take the next action steps.
One of these steps you’ll want to take is to get a preliminary title report from a title insurance company, to see if there are any recorded liens or documents against the property that may surprise you. Many owners never look at an updated title report after they’ve purchased their property, and you’ll want to make sure that there are no surprises that will need to be removed from the report prior to selling your property.
It’s always nice to get these surprises taken care of and removed from the report before you ever enter into an agreement to sell your property to a buyer.
In addition to this, get a Phase 1 Environmental Site Assessment done. This will alert you in advance to any environmental concerns that will need to be addressed before any buyer will want to buy your property. If something turns up on the report that needs to be investigated further and then remediated, you’ll want to ideally get this done before ever putting the property on the market.
This way you can show potential buyers the completed report, showing them that the remediation has been completed in alignment with all of the specific laws around this. This is much more powerful than getting into a purchase agreement with a buyer, discovering that there is contamination that needs to be remediated, and then the buyer begins having doubts about even buying the property.
When the remediation has already been done before the buyer ever sees the property, this creates solid, clear sailing in this arena all the way through the closing of the transaction.
Another matter you’ll want to address is how much work you’re willing to do on the property to make it even more attractive to your buyers, to entice them to offer you even more money for the property. Buyers, generally speaking, like the properties they’re considering purchasing to look good, and when they don’t, they’ll be wanting to purchase them at a discount.
In addition, buyers will oftentimes pass on buying a property altogether when it doesn’t look good, as they usually don’t want to get involved in doing the work on it.
So anything you’re willing to do to spruce up the inside and the outside of the building, and make it show much better to your buyers, will go a long way towards getting you top dollar for your property. Even just adding new paint and new carpeting can oftentimes make your building much more attractive to buyers.
In conclusion, when you’re selling your building, there are steps you can take to both prepare for the sale and make the sale go more smoothly. In addition, when you’re willing to spruce up the building and make it look great, you’re going to get the highest price imaginable for your building, too.